The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory Other assetS 19,500 487, 785 Liabilities $ 312, 378 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942, e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79, 200 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 56, 5ee 33,000 3,000 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1,502,695 $1,502, 695 Required: 1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Sales 942,000 Less: Sales discounts (14,580)
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory Other assetS 19,500 487, 785 Liabilities $ 312, 378 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942, e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79, 200 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 56, 5ee 33,000 3,000 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1,502,695 $1,502, 695 Required: 1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020 Sales 942,000 Less: Sales discounts (14,580)
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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